Have you designated 2016 as the year you increase your revenue? The first step, says Sara Gilbert, founder of Strategist Business Development in Montreal, is making sure your revenue-generating activities are in your calendar.
“Dedicate at least half of a day per week either to organic growth [within your current client base] or creating new clients.”
Below are three methods to help you increase revenue in your practice:
1. Add services
One way to increase revenue, says Rosemary Smyth, business coach and founder of Rosemary Smyth and Associates in Victoria, is to add to the services you provide to your clients.
Talk to your clients about new services that may interest them, such as insurance or estate planning. Find out how you would make those services part of your practice by educating yourself or by hiring a team member with expertise in that subject.
2. Meet your clients’ children
Ask your clients to introduce you to their children. This strategy will help your chances of retaining – and eventually growing – client assets when they are passed on to the next generation.
Explain the support you could provide to the family once the assets have been passed down. Your clients’ children may choose to invest with you right away.
3. Assess your marketing plan
Analyze your marketing efforts and determine which activities have proven to appeal to prospects and lead to meetings.
Focus on a maximum of five activities, Gilbert says.
These activities might include networking events, asking for referrals, newsletters, using social media, attending community events and organizing public seminars.
Focusing on proven activities will help you expand your client base in a more productive and cost-effective manner.
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